DLA Piper advises Cobram Estate Olives on USD174 million acquisition of California Olive Ranch

Global law firm DLA Piper has advised Cobram Estate Olives on its acquisition of California Olive Ranch (COR), the leading producer and marketer of Californian extra virgin olive oil. The acquisition will expand Cobram Estate Olives' presence in the United States and strengthen its position as a major global producer.

The acquisition significantly increases Cobram Estate Olives' olive growing footprint, increasing planted groves in California from about 1,422 hectares to around 3,292 hectares. It also brings COR’s retail brands, processing facilities and customer relationships into Cobram Estate Olives' broader operations. Cobram Estate Olives' research and technology platforms, including Modern Olives and Olive.iQ, will also benefit from COR’s investment in innovations such as satellite monitoring of groves.

DLA Piper has been a long-term legal advisor to Cobram Estate Olives, supporting its growth in Australia and the United States. The firm advised on all legal aspects of the acquisition, which is valued at approximately USD174 million (approximately AUD250 million) and funded through a mix of cash, vendor notes, and an earn out.

The cross-border, cross-practice DLA Piper team advising Cobram Estate Olives was led by Corporate partners Chris Mitchell and David Holland with support from special counsel Rosa Sayer (Corporate) in Australia, and Corporate M&A partners John Maselli and Philipp Tsukanov in the US. The US team was supported by partners Brian Boyle (US Antitrust and Competition), Maria Cornilsen (Leveraged Finance), Maggie Craig (Consumer Goods, Food and Retail), Nicholas Klein (National Security and Global Trade), Nate McKitterick (Insurance and Indemnification), Mitchell Regenstreif (Real Estate), Keith Ranta (Employee Benefits and Executive Compensation), Sarah Tauman (Employment) and Brian Hamano (Tax). 

Commenting on the transaction, Chris Mitchell said: "We've valued the opportunity to continue to support our long-standing client Cobram Estate as they achieve this important milestone in their journey and further underscore their status as the pre-eminent global player in the global olive oil market. Our work together began well before their IPO, and we have seen them go from strength to strength delivering world-class olive oil to tables across the globe."

John Maselli added: "This deal presented a range of interesting legal considerations for the parties to navigate in the United States and Australia.  Our global platform and cross-border team were perfectly positioned to guide Cobram Estate through the complex legal landscape.  We were committed to helping them realize this tremendous outcome.”  

Sam Beaton, Joint CEO (Finance and Commercial) and Executive Director of Cobram Estate Olives, commented: "This transaction marks an important milestone for Cobram Estate Olives and reinforces the strength of our long term global strategy. We thank DLA Piper for their support and advice in navigating a complex cross border transaction, further positioning Cobram Estate as a global leader in growing and marketing premium extra virgin olive oil."